Current Status Bill Number:4778 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960320 Primary Sponsor:Cain All Sponsors:Cain Drafted Document Number:gjk\22480sd.96 Residing Body:House Current Committee:Labor, Commerce and Industry Committee 26 HLCI Subject:Mortgage real estate loans, consumer loans
Body Date Action Description Com Leg Involved
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House 19960320 Introduced, read first time, 26 HLCI
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 37-3-202, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ADDITIONAL CHARGES PERMITTED IN CONNECTION WITH CONSUMER LOANS, SO AS TO PERMIT AN ORIGINATION FEE ON NONPURCHASE MONEY FIRST AND SECOND MORTGAGE REAL ESTATE LOANS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 37-3-202(1)(d) of the 1976 Code is amended to read:
"(d) with respect to a loan secured by an interest in land, the following `closing costs', if they are bona fide, reasonable in amount, and not for the purpose of circumvention or evasion of this title:
(i) fees or premiums for title examination, abstract of title, title insurance, surveys, or similar purposes;
(ii) fees for preparation of a deed, settlement statement, or other documents, if not paid to the creditor or a person related to the creditor;
(iii) escrows for future payments of taxes, including assessments for improvements, insurance, and water, sewer, and land rents;
(iv) fees for notarizing deeds and other documents, if not paid to the creditor or a person related to the creditor; and
(v) fees for appraising the real estate that is collateral for the loan, if not paid to the creditor or a person related to the creditor;
(vi) nonrefundable origination fees not to exceed five percent of the principal amount of the loan."
SECTION 2. This act takes effect upon approval by the Governor.